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Azarga Metals increases private placement to $1.1mln

Friday, September 23, 2016 12:14
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(Before It's News)

Azarga Metals Corp. (CVE:AZR) has increased its previously announced non-brokered private placement from $1mln to up to $1.1mln, which the company attributed to demand.

The company will issue up to 3,437,500 units at a price of 32 cents per unit for gross proceeds of up to $1.1mln.

Each unit consists of one common share of the company and one-half of one share purchase warrant. One warrant entitles the holder thereof to purchase one share of the company at a price of 40 cents per share for a period of 12 months from the closing of the private placement. The shares issued in connection with the private placement will be subject to a four-month hold period.

The company may pay finders’ fees within the allowable limits of the policies of the TSX-V.

On Wednesday, the company said it intended to expand its first-phase drilling programme at its Unkur silver-copper project from 3,000 metres to up to 5,000 metres and planned to raise $800,000 to $1mln through a non-brokered private placement of units to finance the expanded programme. Read more.

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